Your Guide to Preparing for the 2023 Tax Deadline
- The federal tax filing deadline for 2022 taxes is April 18, 2023. This is later than the typical April 15 deadline due to April 15 falling on a Saturday and April 17 being Emancipation Day.
- You can file for an extension by April 18 if you need more time, but you still need to pay any owed taxes by April 18 to avoid penalties.
- Some businesses like partnerships and S-Corps have an earlier deadline of March 15, 2023 to file their 2022 returns.
Its nearly that time of year again where its time to start planning for filing your taxes. Before we know it, the 2023 tax filing season will open up in preparation for filing your 2022 taxes.
But before it gets here, there are some deadlines and details that you need to be aware of! Take a look at these dates to better understand the tax deadline in 2023.
Federal Tax Filing Deadline
In 2023, your tax filing deadline for the 2022 tax year will be April 18,2023. This is a Tuesday, which is pretty unusual. In most cases when the deadline is extended from April 15th, there is a reason for it.
In 2023, the traditional deadline of April 15th falls on a Saturday. And while normally, this would just mean that you file by the Monday after, this year there is actually another cause for delay. Monday, April 17th, 2023 is Emancipation Day, which is a holiday recognized in Washington DC. Because of that, the IRS will not be open for business on that Monday.
Thanks to this pair of events, your federal tax filing deadline in 2023 will be April 18th, 2023.
There are some minor exceptions to this rule.
Tax Filing Extensions Give Filers Extra Time
If for some reason you are not able to complete your taxes by the deadline, you do have the option to file an extension for the tax year. This extension would allow you to complete your taxes prior to October 16th, rather than by April 18th.
If you need an extension, it must be filed before April 18th. When filing an extension, you are expected to still pay taxes by the April 18th deadline. If you suspect you will owe, you may want to go ahead and make some sort of estimated payment.
Otherwise, you may be required to pay a penalty in October when you finish filing and pay any taxes due.
Attention Business Owners: Fiscal Year Tax Filing Alters Your Tax Deadline
Another exception to the April 18th, 2023 deadline are for those businesses that file their taxes on a fiscal year basis, rather than on a calendar year. Understanding your filing deadline is slightly more challenging if you file on a fiscal year, but it really has a similar concept to traditional tax filing.
Every year, your tax return will be due either 3 or 4 months after the close of your fiscal year. Whether it is 3 or 4 months simply depends on the type of business that you operate. Be sure to look at the requirements for your type of business.
On the month that your tax filing is due, you have until the 15th day, or the Monday after the weekend if it falls on a weekend, to file said taxes.
Not All Businesses Have the Same Tax Filing Deadline
Another exception to the traditional April 18th filing deadline is specific to certain businesses. This includes multi-member LLCs, partnerships, and S Corps. There are some others as well so be sure you understand the requirements for your business.
These businesses are actually required to file slightly sooner and will need to file their 2022 tax returns by March 15, 2023 to be in compliance.
Important 2023 Tax Dates to Know
While we have covered many of the essential dates for the 2023 tax deadline, there are some additional dates to be aware of.
- January 16, 2023: 2022 4th quarter estimated tax payments due
- January 24, 2023: IRS begins accepting 2022 tax returns
- January 31, 2023: W2s must be sent by employers, and most 1099 forms must be sent
- February 15, 2023: If you claim a withholding exemption, you need to renew it.
- March 15, 2023: Certain business returns and taxes are due
- April 18, 2023: tax filings are due, tax extension filings due, taxes are due, 2022 contributions must be made, 2023 first quarter payments are due.
- June 15, 2023: 2023 second quarter estimated taxes due
- September 15, 2023: 2023 third quarter estimated taxes due, extended partnership and S-Corp tax filings due
- October 16, 2023: Any 2022 extended tax returns are due
- January 15, 2024: 2023 fourth quarter estimated taxes due
Expecting a Tax Refund? Set Your Expectations
According to the information available, tax processing is supposed to be far more normal again in 2023, for the 2022 tax year. Because of this, it is expected that any anticipated returns will be received within three weeks of your filing date.
It is possible that timelines could be longer if any issues are found, or the IRS runs into any snags with the processing of tax returns. The IRS does have a website that allows you to track your tax refund if you are waiting for one. You just need your name, Taxpayer Identification Number or Social Security Number, and the exact amount of the anticipated refund.
Some people are ready to file before the IRS even begins accepting returns, while others wont be filing until October 16th. You can benefit from starting to gather and prepare ahead of time in an effort to meet the tax deadline. The official tax deadline 2023 is April 18th, 2023, with some exceptions and the option to file an extension. If you suspect or know that you may need an extension, we can help you file your IRS extension and get more time to get everything together and maybe even minimize taxes owed!
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